AUDUSD Inched Higher Amid Home Loan Ecomic Release

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The Australian Dollar (AUD) rose against the US Dollar (USD) after home loan news released on Monday. Moving from a negative figure of -0.9%% recorded in April, it printed 0.0%, way better than the economists had predicted i-e 0.6%

The Australian Bureau of Statistics released recent stats concerning home loans. It provides an idea about the prevailing trend of the housing market in Australia and shows consumer confidence as large house borrowings are done. It is to be noted that a high reading is considered as positive for the AUD, while a low reading alarm for a bearish market.

On the other hand, the Australian Bureau of Statistics releases somewhat favorable news for the Australian dollar. The data tells that the trade balance improved during the last quarter and stayed around 5745 M, as it was 4820, the quarter before. The economists also indicated an uprise in the said data by giving a value of 4820 M. It is to be noted that the trade balance represents the difference between import and export levels of the country. Both imports and exports levels stayed in coherence followed by a reasonable domestic demand in terms of imports and an unchanged or improved demand in exchange for exports of the country. So, the pair is believed to start moving positively.

The paid started recovering against the New Zeland dollar since last week, which can be seen in the graph below. It is quite anticipated that the pair will keep moving upward following a bullish trend as it printed a higher high during its last upside move.

AUDUSD

 

 

Conclusion

Trading AUDUSD may not be a better idea for a short term position. However, it may get a reversal around 0.6851 and start recovering again. If this happens, trading pair for a long term position would give positive results.

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